Pip Flex Review
It doesn’t matter what financial market you want to trade in, it is understood that you would require the services of a broker to get started. Of course, you will turn to Google to find an online broker and you will be presented with a massive list of companies to choose from. This is the actual challenge that you have to deal with i.e. selecting one broker from this extensive list available. No, it isn’t wise to opt for one randomly because the market is rampant with scams. Instead, you have to do some homework, which involves checking out this Pip Flex review.
This is of the utmost importance because no scammer is going to come with a clear sign. You will have to put in the time and effort needed for ensuring that you are choosing the right one. It is easy to get lured in by scam brokers, as you will find out in the case of Pip Flex. It is advertised to be one of the leading platforms based in the United States and is offering Forex trading services and binary options to its clients. Of course, they claim to be regulated in the U.S. as well as a number of other jurisdictions and this is enough to impress just about anyone.
Other than this tall claim, Pip Flex also uses other tactics for attracting people to its platform. If you have done any research, you would be aware that the best trading solutions in the market are the MT4 and the MT5 trading platforms. These are recommended by every professional trader, so you would obviously want to take advantage of them. This is the exact reason why Pip Flex has added this option to its offerings. But, it eventually just turns out to be a ruse. A thorough check of the company reveals that it is nothing less than a scam broker. Let’s find out the problems:
Regulation and Background
The first thing that every trader needs to look at when checking out a broker is their company background and their regulatory status. This will automatically tell you whether you can trust the firm or not because if there is anything suspicious, you need to avoid them completely. A legitimate brokerage will always be transparent about its background and services because they don’t have anything to hide. So, how does Pip Flex fare in this regard? You will immediately discover that they are all talk.
As mentioned earlier, the brokerage has claimed to be regulated in the United States and other regions, including Belize and Cyprus. The first issue you will spot is that Pip Flex appears to have a UK domain, even though it claims that it is based in the United States. The website of the broker says that it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the IFRS in Belize. You can check the online registers of each of these regulators and you will not find Pip Flex mentioned anywhere.
Another issue that you will come across is that Pip Flex doesn’t even bother telling anything about the company operating the brand. The website is completely anonymous and this means the broker is illegal and has published lies on its website and nothing more. If you need further confirmation, you can consider the fact that they have not uploaded any legal documents on their website at all. You will not find a Client Agreement, Terms & Conditions, or any other such document that a legitimate broker usually does and is actually required to do.
You have already found out that Pip Flex is not a registered and regulated brokerage and this should be enough to convince you to avoid it altogether. However, as stated earlier, the offerings of these scam brokerages are such that even the smartest people have trouble resisting their offers. At Pip Flex, you will find that the broker is offering the MetaTrader4 and the MetaTrader5 trading platforms, along with a PremiumTrader. This will immediately grab your attention, but the reality turns out to be very different.
You will find a link on the Pip Flex website that only redirects you to the MetaQuotes website and doesn’t offer any platform for you to trade. Rather, you will come across a fake trading platform, which is clearly a scam because it doesn’t even have a trading option.
It wouldn’t be wise for any trader to choose a brokerage without knowing what kind of conditions are offered to them. This means knowing what leverage and spreads the broker offers, as this can have an impact on your bottom line. You should be prepared for a nasty shock here as well in regard to Pip Flex because they have not mentioned anything about their conditions. This means that they expect their clients to sign up blindly, without knowing what kind of costs they will incur and the profits they will be able to make.
Plus, you will also find that their minimum deposit requirement starts at $300, which is slightly higher than what standard brokers usually impose. This should also be a warning sign because chances are that you will never get this money back.
Knowing the payment methods offered to you is also important because you want to be able to make deposits and withdrawals easily. Where Pip Flex is concerned, their payment option should be a warning because they only accept cryptocurrencies. These digital currencies are widely used in criminal activities, primarily because they are anonymous and difficult to trace and get back. You will not be able to file for a chargeback and get your money back in case something goes wrong.
As a whole, there are not enough reasons for you to even remotely overlook the downsides of Pip Flex and sign up for their services. All signs clearly point to one fact; Pip Flex is a scam and you need to avoid this brokerage.